Insurtech Whitespace signs first US carrier to platform

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It will bolster the insurtechs connections in the London market and electronic placing

London based insurtech Whitespace has signed its first US carrier –GuideOne National to write business on its platform.

GuideOne National is a specialty insurance subsidiary of GuideOne Mutual Insurance Company – a US mutual insurer with a diversified portfolio of niche insurance business.

This sign up is to strengthen the insurtechs connections with the London market and electronic placing to digitise paper based processes. As of 1 April 2018, recognised electronic placement systems at Lloyd’s of London included Placing Platform Limited (PPL), Marketplace and MEL.

It follows the Whitespace Platform gaining traction in the London insurance market.

Access

Marcus Broome, chief platform officer at Whitespace, said GuideOne is the insurtechs first overseas carrier.

Broome added: “With more than 90 brokers and carriers in London now doing business through our platform, Whitespace is well placed to offer more efficient access to the world’s leading wholesale insurance and reinsurance market.

Meanwhile, Mark Groenheide, senior vice president, specialty at GuideOne National, said: “Working with Whitespace was an easy decision for us to make.

“This platform keeps us connected to the historic London market and the vitally important relationships we have there. It also brings consistency, a full audit trail, and adds clarity and benefit to the entire insurance trading process.”

In February 2019, Whitespace partnered with Ardonagh-owned broker Price Forbes & Partners to provide electronic placing capability for its London Business.